Sunday, July 11, 2010

waterwheel property to be sold for affordable housing

When the Town Board approves the contract to sell the waterwheel property for affordable housing, it will be different from the contract that was originally proposed in January. Here is a summary of some of the changes.


The Waterwheel contract language has changed in several significant respects since the initial draft on January 13, 2010: (1)The Town has modified language in the contract which would have permitted the prospective buyers to reduce the $1.2 million purchase price by $27,500 for each unit less that 22 units approved by the Village of Ardsley. This language has been eliminated so that the purchase price is a firm 1.2 million; (2) the Town has changed language requiring the Town to pay all sales, transfer and other taxes and expenses related to the sale of the property and shifted responsibility for payment of taxes and expenses of sale to the buyer; (3) The Town is requiring the buyers to accept a quitclaim deed as opposed to a Bargain & Sale deed which is the type of deed all other purchasers of Town-owned property are required to accept; (4)The Town agreed to modify contract language to give the buyers an additional 60 days after the signing of the contract to perform a Phase II SEQR study if a Phase I SEQR study reveals that additional environmental review is warranted; (4) unambiguous language has been inserted in the contract so that both buyers and seller understand the ramifications of any default; (5) the Town has more clearly defined Affordable and Workforce housing definitions to conform to Town, Village and County standards and (6) the Town has clearly defined the affordability period of the property in which the property is required to be used as affordable housing to ensure that the property will be affordable for a period of 99 years and beyond .